Zepto Ltd. faced a 68% cut to its valuation during its initial public offering roadshow last month, prompting the Indian rapid-commerce firm to delay its listing, according to people familiar with the matter.
SBI Funds Management Ltd., India’s largest mutual fund, and other domestic money managers were willing to pay around 17-18 rupees a share in Zepto’s anchor allocation, valuing the company at about $2.3 billion, said the people, who asked not to be identified because the discussions were private.
